TraceSafe Inc. (CSE:TSF), a global leader in wearable safety tech including contact tracing and self-quarantine management, said it has closed its previously announced private placement raising gross proceeds of $4,005,000.
The net proceeds of the offering are expected to be directed toward TraceSafe's inventory, software, sales and marketing and working capital purposes.
READ: TraceSafe brings its quarantine management technology to India to help flatten the curve of the country's fifth-largest city
In a statement, Wayne Lloyd, TraceSafe CEO commented: "The closing of this Private Placement gives us a solid foundation to meet our business objectives moving forward. Business and government clients from around the world are continuing to see TraceSafe's wearable technology platforms as an efficient and effective way to achieve social distancing and self-quarantine management requirements.”
The offering, which was led by Canaccord Genuity Corp., was of 4,005,000 units of the company at a price of $1.00 per unit. Each unit consists of one common share of the company and one-half of one common share purchase warrant exercisable at a price of $1.50 per warrant share for a period of twenty-four months from the date of closing.
All securities issued under the offering are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws.
Concurrent with the offering, the company also issued 43,750 Units at the issue price to a third-party consultant to settle existing debts owed for consulting services.
TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low power bluetooth beacons and enterprise cloud management.
TraceSafe's leading cloud management solution ensures both user privacy and comprehensive administrative control. Its patented contact tracing bracelet has already been deployed in mission-critical quarantine applications around the world in partnership with leading governments.
In addition to their government work, TraceSafe is developing leading-edge solutions for Enterprise, Healthcare, Education Government and large-scale venue management.
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